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Jun 30, 2021
Powell Industries Q3 2021 Earnings Report
Reported a net loss for the third quarter of fiscal year 2021, with revenues largely in-line with the prior quarter and comparable period in the prior year, and gross profit improved sequentially by 40 basis points.
Key Takeaways
Powell Industries reported a net loss of $2.0 million, or $0.17 loss per diluted share, for the third quarter of fiscal 2021. Revenues totaled $115.8 million, and backlog as of June 30, 2021, totaled $426 million. The company saw $103 million in new orders during the quarter.
Revenues totaled $116 million.
Backlog as of June 30, 2021 totaled $426 million.
Net Loss was $2.0 million, or a $0.17 loss per diluted share.
Cash and short-term investments as of June 30, 2021 totaled $129 million.
Forward Guidance
The $103 million of new orders during the third quarter marked a strong sequential improvement from the prior period. However, considering the lead time of our projects, the current revenue levels and overall operating activity prevent us from fully leveraging our overhead. This, in addition to the recent inflationary impact on commodities such as steel and copper, are creating headwinds to our margin profile.
Positive Outlook
- Project execution and customer fulfillment
- Diligent cost and cash management
- Continue to build working capital as we execute on our current project mix
- Cautiously optimistic that the commercial activity will gradually improve.
- Balance sheet and liquidity position remain a core strength of Powell and provide the flexibility to navigate through these industry cycles, while also providing an element of optionality.
Challenges Ahead
- Current revenue levels and overall operating activity prevent us from fully leveraging our overhead.
- Recent inflationary impact on commodities such as steel and copper, are creating headwinds to our margin profile.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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